Question 7 of 10 - /1 The comparative balance sheets of Crane Corporation at the beginning and end of the year 2020 appear below. CRANE CORPORATION BALANCE SHEETS Dec. 31, 2020 Jan. 1.2020 Inc./Dec. Assets Cash $22,270 $14,520 $7.750 Inc Accounts receivable 108,270 89,520 18.750 Inc 41.270 23,520 17.750 Inc. (17.000) (11,000) 6,000 Inc $154,810 $116,560 Equipment Less: Accumulated Depreciation Equipment Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $22,270 $16,520 5.750 Inc 102,270 81,520 20.750 Inc. 30,270 18,520 11,750 Inc Total $154,810 $116,560 Net income of $46,270 was reported and dividends of $34,520 were paid in 2020. New equipment was purchased and none was sold Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a-sign eg.-15,0 parenthesis eg. (15,000).) CRANE CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income 46270 Adjustment to reconcile net income to Cash Flows from Operating Activities Depreciation Increase in Accounts Receivable V Increase in Accounts Payable Net Cash Provided by Operating Activities Net Cash Provided by Operating Activities Cash Flows from Financing Activities Purchase of Equipment Cash Flows from Financing Activities Payment of Dividends Issuance of Stock Cash Flows from Financing Activities Net Increase in Cash Cash at Beginning of Year Cash at End of Year Cash at End of Year